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Legal-Updates - Page 5

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

September 30, 2020

[By Jyotish M Shah, Partner] Widening the scope of TCS (Tax Collection at Source) on foreign remittance, selling overseas tour package, and sale of goods over a prescribed limit from 1st October 2020. Section 206C providing for TCS has been amended to widen the scope to cover: Authorised Dealer who receives Rs.7 Lacs or more from person for remittance out

Gujarat VAT & CST

Extension of due date for filing Gujarat VAT Annual Return

In a Circular issued by the Commercial Tax Department on 20-Dec-2013, the due date for Filing of Gujarat VAT Audit Report u/s 63 of the Gujarat Value Added Tax Act, 2003 for the financial year 2012-13 has been extended to 31-Jan-2014. The due date for obtaining VAT Audit Report has

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

[By Shaleen Shah (Partner), VNCA] All the existing charitable and religious institutions

Service Tax Amendments – The Finance Act, 2010

[By Shaleen Shah (Partner), VNCA] DOWNLOAD PDF FILE Budget-2010 proposed several amendments

Gujarat VAT Amnesty Scheme for builders & developers

November 10, 2014

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] This article was published in the Gujarati Newspaper, `Jaihind Daily’ on 6-Nov-2014 The States derive the power to levy salestax or VAT on indivisible works contract through Article 366(29A)(b) added by the 46th Amendment to the Constitution to cover ‘transfer of property in goods (whether

Amendment in Gujarat VAT Rules for filing of Returns & VAT Audit Report

October 29, 2014

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] The Gujarat State Government has recently issued a Notification dtd. 15-Oct-2014 making significant amendments to the Gujarat Value Added Tax Rules, 2006 with effect from the date of the Notification. The gist of the amendments is as under. PROVISIONS RELATING TO FILING OF MONTHLY /

Due date for deposit of TDS/TCS of Sep-14 extended to 10-Oct-14

October 1, 2014

Income Tax

Press Release from CBDT Extension of the due date of deposit of tax deducted at source/tax collected at source during the month of September, 2014. Considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, the Central Board of

Guj-VAT Notifications–Reversal of ITC on purchases used for inter-state trade

September 29, 2014

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] We have informed you earlier (Guj-VAT Notification: Disallowance of ITC) that under Gujarat VAT laws, Input Tax Credit (ITC) is to be reversed by 2% on taxable turnover of Purchases when – (a) the goods are sold / resold in the course of inter-state trade

Budget (No.2) of 2014–Service Tax Amendments

July 29, 2014

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] Downloadable PDF File Amendments relating to service tax proposed in the Finance (No.2) Bill, 2014 as passed by the Lok Sabha on 25-7-2014, with relevant Notifications issued, are discussed as under. The date on which the amendments are effective are indicated against each clause. The

New Online Facility for Input Tax Credit verification (Gujarat VAT)

January 9, 2014

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] You are aware that all dealers registered under Gujarat VAT Laws are required to file their returns online. Along with the main E-Return for VAT, each dealer (other than dealers who have opted for composition) is required to upload online the following details – Annexure

Liability outstanding for long period of time in books is assessable as income

December 16, 2013

Income Tax

In a recent decision, Mumbai Income Tax Tribunal has held that where a liability was outstanding on books for a disproportionately long period of time and the assessee is unable to prove the identity & genuineness of creditors, such long outstanding liability will be assessed as income under section 41(1)

CBDT Norms for Selection of Scrutiny Cases in FY 2013-14

August 6, 2013

Income Tax

CBDT has issued Instruction No.10/2013 dtd. 05-Aug-2013 announcing the selection norms for mandatory scrutiny of cases. The following cases will be covered under compulsory scrutiny: (a) Cases where value of international transaction as defined u/s 92B of IT Act exceeds Rs. 15 crores. (b) Cases involving addition in an earlier

Income Tax Return due date extended to 5-Aug

July 31, 2013

Income Tax

The CBDT has issued a Press Release stating that the due date for filing of returns u/s 139(1) of the Income-tax Act, 1961 is extended to August 5, 2013 PRESS INFORMATION BUREAU GOVERNMENT OF INDIA AS A MEASURE OF TAXPAYERS CONVENIENCE, LAST DATE OF FILING OF RETURNS EXTENDED TO 5TH

Revised norms for service tax exemption / refund to SEZ developers / units

July 9, 2013

Service Tax & CBEC

Notification No.12/2013-ST dtd. 01-07-2013 The finance ministry has issued a new notification for grant of exemption or refund of tax on services received by developers and units in special economic zones (SEZ) and used for authorised operations. The idea seems to be to make it easier to claim exemption at

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Legal-Updates - Page 5

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

Extension of due date for filing Gujarat VAT Annual Return

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

Service Tax Amendments – The Finance Act, 2010

Gujarat VAT Amnesty Scheme for builders & developers

Amendment in Gujarat VAT Rules for filing of Returns & VAT Audit Report

Due date for deposit of TDS/TCS of Sep-14 extended to 10-Oct-14

Guj-VAT Notifications–Reversal of ITC on purchases used for inter-state trade

Budget (No.2) of 2014–Service Tax Amendments

New Online Facility for Input Tax Credit verification (Gujarat VAT)

Liability outstanding for long period of time in books is assessable as income

CBDT Norms for Selection of Scrutiny Cases in FY 2013-14

Income Tax Return due date extended to 5-Aug

Revised norms for service tax exemption / refund to SEZ developers / units

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